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Cadillac SRX Lease Questions

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  • Hello
    In 2005, I leased a Cadillac CTS. I had never leased before and so far, I have not had any problems with the vehicle. But as I get closer to my 4yr lease end, I wondered if anybody could tell me what to expect? What do the dealers expect from you as a customer at lease end? How easy is it to purchase the vehicle you have been driving or how easy is it to lease another of the same vehicle in a different year. Any info, let me know. :D
  • Hi me21379. This incentive is completely paid for by General Motors. It has nothing to do with the dealer that you are working with and it doesn't cost them a dime. If you are only getting this car for $2,150 below MSRP then you are not receiving any sort of dealer discount at all and you are not getting a very good deal.

    Car_man
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    Prices Paid Forum
  • Welcome derrickh22. GMAC's current base lease rate and residual value for a 36 month lease of a 2007 Cadillac SRX V6 are 4.95% and 52%, respectively. This vehicle's residual value for a lease with only 12,000 miles per year would be 3% higher. The lease rate for the 2007 SRX V8 is the same, but its residual values would be 1% higher. You are correct, vehicles' residual values are based upon a percentage of their full MSRPs, including the destination charge and the MSRPs of any options that can be residualized. Any discount that you negotiate off of this truck's selling price would reduce the amount of interest that you have to pay, but have no impact upon its residual value. Make sure to take the $2,145 bonus cash that is currently available on all Cadillacs into account when negotiating this vehicle's selling price.

    Car_man
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    Prices Paid Forum
  • Hi policelady. GMAC is very reasonable when evaluating the condition of vehicles at lease-end. Here is a link to GMAC's lease--end return kit: GMAC SmartLease Vehicle Return Kit. It should answer any questions that you have about the lease-end process. At the end of your lease you will have the option to purchase your leased vehicle from GMAC, to lease a new GM vehicle, or to lease a completely different vehicle.

    Car_man
    Host
    Prices Paid Forum
  • Thank you so much for this information. I wanted to make sure I have a file on everything I will need to know when that time comes. I will click into the website you provided.
    Thanks again.
  • sasukesasuke Posts: 77
    What are some figures that people have paid lately on the SRX? Trying to get an idea.
  • b4zb4z Posts: 3,372
    399 mo for 39 months 10K miles.

    *16 Example based on survey. Each dealer sets its own price. Your payments may vary. Payments are for a specially equipped 2007 SRX V6 with an MSRP of $40,210. 39 monthly payments total $15,561. Option to purchase at lease end for an amount to be determined at lease signing. GMAC must approve lease. Take delivery by 1/2/2007. Mileage charge of $.25 per mile over 10,000 miles per year. Lessee pays for maintenance, repair, and excess wear. If lease terminates early, lessee is liable for all unpaid monthly payments. Payments may be higher in some states. Not available with other offers.
  • You're very welcome, policelady. Let me know if you have any other questions.

    Car_man
    Host
    Prices Paid Forum
  • Went to Coral Cadillac in Ft. Lauderdale, FL on Nov 26th to find out about leasing a 2007 SRX. I was told that the free navigation system or $2150credit was to end on November 30th. Then I saw from reading the website, that the program goes until Jan 2! First Lie!!
    Anyway, I don't need the nav or DVD or anything extra special, except for the the 3rd row and adjustible foot pedals. They told me I'd have to get the Utility package and Luxury package. I need 15k miles/year. With only inceptions down ($800),I was quoted $568/month plus tax for 39 months.
    How does that sound? I can't see where the $2150 credit was applied. I was hoping to get the payment closer to $500. Does anyone think this is possible? Sue
  • How good is the current $2150 discount? My current lease is up in Feb (2 more payments to go). Is this $2150, that is good until Jan 2, too good to pass up? Should I lease in December and just take a loss on my last payment of $400? Or should I wait until my lease end in Feb and see what GMAC is offering then? :confuse:
    Thanks, Susan
  • We are currently looking to lease a 07 SRX in Syracuse NY. The best deal that we have seen is MSRP 43,665 - Adjusted Cap. Cost 37,772. With 4,000 down payments would be $472 a month. Does this sound reasonable?????
  • b4zb4z Posts: 3,372
    I am certain you could get some kind of early lease termination deal on your current lease.
    most manufacturers offer that all the time, expecially if
    you are within 3 months of it ending.
  • The bank for my lease (Chevy Chase) does not allow for early termination. Until the last payment is made, I must hold onto the car and keep it insured. I can't even pay it off early and turn it in prior to February!

    I might be willing to make the last payment of $400, and just keep the car in the garage for an extra month, if the December lease is too good to pass up. I just don't know if December is a better month to lease a car since its the end of the year and dealerships want to move vehicles, or if January is better. In January, the 2007s will be a month older so does that hurt residual? Help!
  • Hello. :) Anybody out there? Carman?
    I posted 3 questions - #40, 41 and 44 and am still looking for some recommendations.
    Please Help :cry:
    Thanks,
    Susan
  • hartthartt Posts: 79
    Hi Car_man. The information you provide has helped me lease my last three vehicles successfully. Thank you. Can you please provide the numbers on the '06 and '07 SRX for 3yr/15K.
    Thank you.
  • ;) Just leased a 2007 SRX. GM paid the last 5 payments of my Ford Lease. Check the Cadillac web site for details. GMAC will pay off up to $2000 on an existing non-GMAC lease.

    I will write up all the details of my deal in a few minutes.

    Bill.
  • BTW - THis is a very helpful site and this forum and 'prices paid' forum are especially useful. Together with online leasing help, I think I got a reasonable deal. See what you think.

    ===============================================

    2007 SRX-V6 MSRP: $37,110
    Options:
    Utility Pkg $ 1,125
    o 3rd row seat
    o trailering equipment
    o heavy duty cooling system
    o power sterring fluid cooler
    V6 Premium Luxury Collection $ 7,150
    o Luxury Pkg
    o Driver's Pkg
    o Prem Seating pkg
    o Ultraview Sun roof
    o Rear air
    o Power adjust pedals
    o Bose sound system, NAV
    All Wheel Drive $ 1,900
    White Diamond Ext Paint $ 995

    Destination $ 745
    Total MSRP $49,025

    ===============================================
    Base Cap Cost $46,500
    Lease Admin Fee $ 595
    Cap Cost Reductions $ 4,642
    o Rebate $2145
    o My down payment $2497
    Adjusted Cap Cost $42,453
    Residual value (57%) $27,944
    Interst Rate 4.95%
    Term (months) 36
    Sales Tax (%) 9 (Pennsylvania)
    ====================
    Payment: $600/mo
    Out of pocket = $3489
    10k miles/year for 57% residual

    ==================================
    Dealer Profit: $1785 + Dealer Holdbacks
    Computed as Base Cap Cost - Invoice Price
    $46500 - $44715 = $1785.
    ==========
    Dealer = Faulker Cadillac, Trevose, Pa.
  • Also, GMAC paid off 5 months on our 2004 Explorer Lease (i.e. $2000)...

  • Hi Susan. I personally would not be willing to waste two payments on my current lease to take advantage of the December program, but it is difficult to say if General Motors' new January incentive program will be as attractive as the $2,145 bonus cash that it is offering on this truck now. If you have decided to wait, please feel free to check back with me in a couple of days and I will be happy to give you an idea of what this truck's new incentive program is like.

    Car_man
    Host
    Prices Paid Forum
  • susanw6susanw6 Posts: 32
    Thanks for the advice, car man. I usually find your info helpful, but my question was posted on Nov 29th and you didn't respond until Jan 2nd. I thought maybe this whole forum was inactivated or something.

    I have one more lease payment left (Jan)on my current vehicle. I have until Feb 17 to turn the car over. I would love to know about any SRX lease incentives then. I'll keep checking and hopefully find something more timely, as the end is definitely near for me! Susan
  • Wow, your last three vehicles, huh? You're making me feel old :P . General Motors is not providing lease support any more. If you want to lease this vehicle, you would be better off going with a 2007 model. Through January 2nd, GMAC's base lease rate and residual value for a 36 month lease of a 2007 Cadillac SRX V6 with 15,000 miles per year are 4.95% and 52%, respectively. General Motors is scheduled to introduce its new January incentive and lease programs tomorrow. I would be happy to give you am idea of what its new promotions for this truck are like if you're interested.

    Car_man
    Host
    Prices Paid Forum
  • Congratulations on your new truck, lars1281. Thanks for taking the time to share the details of your deal with everyone. Real world examples like the one that you posted are very helpful for consumers who are shopping for new vehicles. Enjoy your new ride.

    Car_man
    Host
    Prices Paid Forum
  • Hey Car_man,
    I wanted to ask another question. When it comes time to turn in the vehicle.....1. if you want to keep the vehicle, how is the amount determined that you will pay? Are payments involved or one lump sum to the dealer.
    2. what happens if you do not have such a large amount of money to pay off the car....do you just lease another vehicle?
    3. What happens if your credit was ruined during your lease agreement? If you paid the car dealer on time, will they consider this or is your overall credit checked once again when considering leasing another vehicle?
  • Hey policelady. Vehicles' lease-end purchase prices are based upon the residual value that was used to calculate the depreciation portion of their monthly payments. You should be able to find out what your vehicle's purchase option price is by looking at your lease contract. This is the most that it will cost you to purchase your vehicle at the end of your lease. I say most because banks will occasionally negotiate the lease-end purchase prices of vehicles. Place a call to GMAC, or whichever bank you are leasing your SRX through a few weeks before the scheduled end of your lease to see if they will be willing to work with you. More often than not banks won't, but you don't have anything to lose by asking.

    If you do not have a large sum of money available to purchase your vehicle at the end of your lease you can either finance it or just walk away from your lease and lease or purchase a new vehicle.

    Every bank uses its own set of guidelines to determine who it will and will not approve to lease vehicles. Domestic manufacturers' captive finance companies, like GMAC, are usually fairly lenient in who they approve. If you have a good payment history with GMAC I suspect that you would have to really mess up your credit during your lease for them not to approve you to lease another vehicle through them.

    Car_man
    Host
    Prices Paid Forum
  • susanw6susanw6 Posts: 32
    I am negotiating a lease for a 2007 V6 SRX with utility pkg (3rd row) and adjustable foot pedals. First, Do I need to purchase the $4100 premium package in order to get the adjustable pedals, or can I purchase the $1300 premium collection to get it?

    Also, with $2000 out-of-pocket, 36 or 39 months :blush: , 15k miles/year and excellent credit, what is a good monthly payment? I was hoping to get it in the low 500's-maybe $525. Is this realistic?
  • susanw6susanw6 Posts: 32
    Here is the deal I signed...
    2007 V6 SRX w/Premium package ($4100) and utility package ($1125), in White Diamond.

    MSRP is $43,455.
    I put down $2000 in GM Mastercard rewards
    39 month lease w/15,000 miles/year
    $470.00 per month, plus tax for a grand total of $498.20.

    They had others that were $40 more per month, but they said this one was an "older age model", meaning it was one of the first few they got in from Detroit in October, so there was some add'l rebate Cadillac was providing them on it.

    My only concern was that it had 130 miles on it and I've never bought or leased a new car with more than 15 miles on it. I made them check the computer to see how those miles got there and when it arrived at the dealership on Oct 24, it already had the 130 miles (I actually saw this). They said it was not a dealerhisp transfer, nor a demo. They said that maybe it was used as a test model by the factory. Never believing anything a dealership says, I'm skeptical, however, I still think I got a good deal and since its a lease, as opposed to a purchase, I'm O.K. with it.

    Anyone ever heard of that?
  • Hi susanw6. I am not personally all that familiar with the Cadillac SRX's option packages, but you may be able to find a community member who is by visiting the following discussion: "Cadillac SRX".

    You never mentioned the selling price or MSRP of the SRX that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to work up a sample lease payment on the car that you are interested in for you if you let me know what these numbers are.

    Car_man
    Host
    Prices Paid Forum
  • Hi Carman. Here are the details of the deal I made Jan 28th.
    Sticker MSRP is $43,885.00.
    Capitalized cost is $42,181.66.
    Dealer Fee is $595.00
    Rebates and credits $6995.89 ($2000 of it was from my GM Matercard rewards dollars).
    I put nothing out-of-pocket, just sign and drive.
    15,000 miles/year
    $470/month plus tax for a grand total of $498.20/month
    39 months
    How did I do on this deal?
  • Hi Car_man,

    Is there any incentive from GMAC on Feb? What is the interest rate and residual value for a 39 month lease of a 2007 Cadillac SRX V6 with 10k miles per year?

    Many Thanks,

    Helen
  • It looks like you got a pretty good deal. Just make sure that the mileage they gave you started the mileage with the 130 miles. What as the actual purchase price that you negotiated? I am in the processing of doing a lease and there is a $2,250 rebate the month of feb.
    I am wondering if the person who got $6,995.00 of credits was including the $2,250 rebate plus their 2k of points, plus any $ negotiated off of invoice price of the srx?

    I heard there is a $1500 dealer incentive fee off of the invoice price on srx's for hte month of feb also. So I am going to offer...1500 under invoice and see what happens, then they will take off the 2,550.00 and we will see what happens. They already accepted an offer of 38,800 before taxes but I didn't sign as I wanted more time to research.
    The price I offered was $700 over their invoice price. This was before I learned that they usually pay under the invoice price for the car and will be happy with a 3% profit. Wish me LUCK!
    Susan
This discussion has been closed.